Livzon Pharmaceutical Group Inc(000513) 2022q1 performance growth is in line with expectations, and the research and development of heavy variety v-01 vaccine is progressing smoothly

\u3000\u30 Shenzhen Fountain Corporation(000005) 13 Livzon Pharmaceutical Group Inc(000513) )

Event: on April 21, 2022, the company released the first quarter report of 2022. In 2022q1, the company achieved a revenue of 3.479 billion yuan, a year-on-year increase of 3.86%; The net profit attributable to the parent company after non deduction was 561 million yuan, a year-on-year increase of 15.61%, and the performance growth was in line with expectations.

The net profit attributable to the parent company after non deduction in 2022q1 increased by 15.61% year-on-year, and the performance growth was in line with expectations: on the sales side, the company achieved a revenue of 3.479 billion yuan in 2022q1, a year-on-year increase of 3.86%. Among them, the revenue of gastrointestinal products was 1.07 billion yuan (+ 5.90%); The revenue of sex hormone products was 737 million yuan (+ 22.84%); The revenue of spiritual products reached 133 million yuan (+ 30.87%); The revenue of anti infection products was 115 million yuan (+ 8.02%); API and intermediate achieved revenue of 900 million yuan (+ 16.13%); The revenue of traditional Chinese medicine preparation products was 272 million yuan (- 36.14%); The revenue of diagnostic preparation products was 163 million yuan (- 30.77%).

On the profit side, in 2022q1, the company realized a net profit attributable to the parent company of 553 million yuan, a year-on-year increase of 6.47%, and a net profit attributable to the parent company after deduction of Non Profits of 561 million yuan, a year-on-year increase of 15.61%. The performance growth was in line with expectations.

Rich R & D pipelines were built based on microspheres and biopharmaceutical platform, and the R & D of v-01 vaccine was progressing smoothly: in terms of vaccine, according to the interim master data analysis of the phase III clinical trial of v-01 vaccine in China, the absolute protection after sequential strengthening reached 61.35%, which has met the who standard. At present, the vaccine production capacity reserve is sufficient, and we are optimistic about the full release of the vaccine production capacity after it goes on the market. In terms of microspheres, according to the company's announcement, traprillin acetate microspheres for injection (1-month sustained-release) have been applied for production registration, and aripiprazole microspheres for injection have carried out phase I clinical trial. In terms of monoclonal antibodies, the production of recombinant humanized anti-human IL-6R monoclonal antibody injection has been officially reported, and the recombinant anti-human IL-17A / F humanized monoclonal antibody injection is undergoing phase Ib / II clinical trial.

Investment suggestion: it is estimated that the company will realize the net profit attributable to the parent company of 2.053 billion yuan, 2.375 billion yuan and 2.729 billion yuan respectively from 2022 to 2024, with a year-on-year increase of 15.6%, 15.7% and 14.9% respectively. The company is given the investment rating of buy-a.

Risk warning: the progress of new drug research and development does not meet expectations; Risk of drug price reduction; Sales of core preparations are lower than expected

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